NFIB Jobs Report: Small Businesses Have Record High Levels of Job Openings

June 1, 2023

NFIB Jobs Report: Small Businesses Have Record High Levels of Job Openings

WASHINGTON, D.C. (June 1, 2023) – According to NFIB’s monthly jobs report, 44% (seasonally adjusted) of all owners reported job openings they could not fill in the current period, down one point from April but still 20 points higher than the 49-year average reading. The percent of owners reporting labor quality as their top small business operating problem remains elevated at 24% and 10% of owners reported labor costs as their single most important problem. “The labor force participation rate remains below pre-COVID levels, which is contributing to the shortage of workers available to fill open positions,” said NFIB Chief Economist Bill Dunkelberg. “Small businesses have a record high level of job openings currently and are working hard to fill their open positions.” Small business owners’ plans to fill open positions remain elevated with a seasonally adjusted net 19% planning to create new jobs in the next three months, up two points from April. Overall, 63% reported hiring or trying to hire in May. Of those hiring or trying to hire, 89% of owners reported few or no qualified applicants for the positions they were trying to fill. Thirty-one percent of owners reported few qualified applicants for their open positions and 24% reported none. Seasonally adjusted, a net 41% of owners reported raising compensation, up one point from April and nine points below the 49-year record set in January 2022. A net 22% of owners plan to raise compensation in the next three months. Thirty-eight percent of owners have openings for skilled workers and 20% have openings for unskilled labor. They simply don’t see enough qualified applicants. Click here to view the full report.

Topics:

Economy

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